Final Results, Annual Report and Notice of AGM

Fiske (AIM:FKE) sets out below its announcement of final audited results for the year ended 30 June 2025.

Highlights

James Harrison, CEO, commenting on the results said:

"We are pleased to report a steady increase in our revenues to £7.9m for the full year to 30 June 2025 (June 2024: £7.4m). Revenue increases across the board were driven by several factors including a steady stream of new client wins, higher asset prices, increased levels of trading, improving service mix (more clients opting for advisory and discretionary services) and an increase in interest income. Our operating profits were heavily impacted in the second half of the year by the compliance driven costs referred to in our interim statement."

Our Annual General Meeting will be held on Thursday 13 November 2025 at 12.30pm at our offices at 100 Wood Street, London EC2V 7AN.

Copies of the 2025 Report and Accounts, including the Notice of AGM and Proxy Voting form will be posted to shareholders shortly and in accordance with rule 26 of the AIM Rules for Companies, this information is also available under the Investor Relations section of the Company's website, www.fiskeplc.com.

The Board has resolved to recommend a final dividend of 0.825p per share for the year to 30 June 2025 (2024: 0.75p). If approved by shareholders at our Annual General Meeting in November, then when added to the interim dividend of 0.275p per share paid to shareholders in April 2025 the total dividend for the year to 30 June 2025 will be 1.1p per share (2024: 1.0p), an increase of 10%. The final dividend will be payable on 14 November 2025 to shareholders on the register on 31 October 2025. The shares will be marked ex-dividend on 30 October 2025.

596/2014.

We are pleased to report a steady increase in our revenues to £7.9m for the full year to 30 June 2025 (June 2024: £7.4m). Revenue increases across the board were driven by several factors including a steady stream of new client wins, higher asset prices, increased levels of trading, improving service mix (more clients opting for advisory and discretionary services) and an increase in interest income. Our operating profits were heavily impacted in the second half of the year by the compliance driven costs referred to in our interim statement.

Assets under Management & Administration

Our total client assets under management and administration were £880m as at 30 June 2025 (June 2024: £878m). Of the total client assets 70% are now fee paying and either managed on a discretionary or advisory managed basis.

Costs

Costs have risen by 11% to £7.6m in the year to June 2025. This increase principally relates to increased compliance costs that we have absorbed as we work to improve our compliance related systems and controls following an assessment of our overall compliance framework.

Outturn

Profit on ordinary activities after taxation was £1.35m for the year to June 2025 (June 2024: £821k), an increase of 64% over the year. The cashflow for the year was particularly strong at £1.9m following the receipt of two dividends from our holding in Euroclear during the period.

Net assets

Our shareholder's funds now amount to some £11.4m (2024: £9.8m) which is an increase of 17% over the year. Within this we hold some £6.8m (2024: £4.9m) of cash which is an increase of 38% over the year. Our net asset value has risen to 97p per share (2024: 82p).

Earnings per share

Earnings per share for the year to 30 June 2025 were 11.4p which represents an increase of 65% over the 6.9p for the year to 30 June 2024.

Euroclear

Euroclear's adjusted earnings per share increased by 5% to €367 for the year to 31 December 2024 with a commensurate increase in its dividend. The timing of the dividends paid by Euroclear is such that we received two dividends in this financial year contributing £0.97m to our pre-tax profits.

As in previous years there were several private transactions in Euroclear shares during our financial year and these have helped us to update the appropriate carrying value of our holding in our financial statements to £5.9m (2024: £5.4m). This holding continues to represent a significant store of value on our balance sheet.

Dividend

The Board has resolved to recommend a final dividend of 0.825p per share for the year to 30 June 2025 (2024: 0.75p). If approved by shareholders at our Annual General Meeting in November then when added to the interim dividend of 0.275p per share paid to shareholders in April 2025 the total dividend for the year to 30 June 2025 will be 1.1p per share (2024: 1.0p), an increase of 10%. The final dividend will be payable on 14 November 2025 to shareholders on the register on 31 October 2025. The shares will be marked ex-dividend on 30 October 2025.

Staff

We would like to thank all members of our dedicated staff for their continued commitment and hard work. As a company we have continued to evolve, adapt and improve our operations throughout the year.

Strategy

Our strategy for providing wealth management services includes continuous improvement in our use of technology. During the past year we have invested significant time and effort into upgrading our client data as we adopt a new CRM software system. This new software, which is due to be fully operational this autumn, will allow us to further improve our client servicing capabilities whilst at the same time driving more efficiencies within our operations.

Succession planning remains a key consideration for our recruitment strategy, both for Investment Managers and for our Support and Operations teams.

Consumer Duty & VREQ

Despite our very best efforts to anticipate and implement the requirements of the Consumer Duty as we believed was appropriate for our business, the FCA's data led strategy, in the form of its new annual Wealth sector questionnaire, led them to require the Company to commission a Section 166 report. This was duly completed towards the end of our financial year and resulted in the need to implement several improvements in the compliance related systems and controls which we use to monitor, oversee and manage our investment management business.

As a result of the report the FCA has steered us to enter into Voluntary Requirements whilst we deliver this upgrade in systems and controls. Details of the requirements can be found in the Company's RNS announcement of 24 September 2025. We have already developed a comprehensive plan to deliver these enhancements for our business and are well advanced in implementing these upgrades. We anticipate the majority of this work will be completed within the next six months.

Markets

After the sharp falls in response to President Trump's "Liberation Day" address in the first quarter of 2025, world equity markets have rebounded strongly, and most markets now trade at or near all-time highs. Once again, the mega size US technology stocks were in the vanguard of the recovery since April, however, it has been more broadly based both geographically and across other sectors.

Geopolitical events have not improved over the year and continue to be a cause for concern. President Trump's efforts to broker a peace deal between Russia and Ukraine have been unsuccessful and if anything has emboldened President Putin to provoke further the resolve of Ukraine's Western allies.

President Trump's unpredictable approach to politics and policymaking has made estimating the likely impact of imposing tariffs on its trading partners, cutting government spending and extending tax reductions difficult to forecast. However, recent leading economic indicators would suggest growth rates appear to be trending lower. There is also now more political pressure on the Federal Reserve Board to reduce interest rates at a time when other central banks are holding steady.

While US exceptionalism and investors fear of missing out has driven the US equity market higher the brunt of the uncertainties arising from the current economic policies have been borne by a very weak US dollar, down nearly 10% against sterling this year. It is also no surprise that the price of gold, a traditional currency hedge, has been breaking record highs.

On the domestic front, there is little evidence that the growth mandate promised prior to the Labour Party's landslide election victory is deliverable. On the contrary, higher minimum wages and increases to employer's national insurance costs have hit smaller businesses hard. While the Chancellor tries to stick to her fiscal rules, backtracking on reducing welfare state costs and winter fuel allowance payments has only exacerbated the cost of financing an ever-increasing public sector borrowing requirement. Tax increases in the November budget look inevitable. Meanwhile, yields on long-dated Government Bonds have risen to multi-decade highs as Gilt investors demand a higher return for the likely risks being taken.

Despite all the current uncertainties, over any reasonable time period, equity investments have produced the most attractive returns for the long-term investor, and we believe that this will continue to be the case. At the same time, managing the associated risks of losing permanent capital or controlling short-term volatility is, as ever, best effected through diversification of a portfolio's holdings by maintaining a well spread portfolio containing complementary asset classes.

Outlook

As referred to in our trading statement in September, current trading since the end of FY25 continues in line with management expectations. We remain mindful of potentially more volatile market conditions in the coming months due to the generally uncertain geopolitical environment, and particularly in the run-up to the UK Autumn Budget Statement in November.

However, we are confident that the growth in revenues delivered in FY25 will be maintained, whilst budgets for the first half of FY26 incorporate the operational expenditure required to complete the updating of the Company's systems and controls. Going forward there may yet be additional compliance costs, however we believe any such further costs can be readily met by the Company out of its existing resources.

Annual General Meeting

Shareholders are invited to attend the Annual General Meeting to be held at our offices at 100 Wood Street, London EC2V 7AN at 12.30 pm on Thursday, 13 November 2025 We would like the opportunity to meet you and for you to meet the management of the Company in which you are invested.

The Board encourages shareholders to submit their votes via the CREST system. Shareholders may also submit questions in advance of the AGM to the Company Secretary via email to info@fiskeplc.com or by post to the Company Secretary at the address set out on page 60 of the report.

Consolidated Statement of Total Comprehensive Income

For Year ended 30 June 2025

Other comprehensive income

Items that may subsequently be reclassified to profit or loss

All results are from continuing operations.

Consolidated Statement of Financial Position

At 30 June 2025

These financial statements were approved by the Board of Directors and authorised for issue on 17 October 2025.

Consolidated Statement of Changes in Equity

For Year ended 30 June 2025

Notes to the Accounts

For the Year ended 30 June 2025

Basis of preparation

The financial statements have been prepared in accordance with UK adopted international accounting standards and in conformity with the Companies Act 2006 The Consolidated and Company financial statements have been prepared under the historical cost convention, with the exception of financial instruments, which are measured at fair value in accordance with IFRS 9 Financial Instruments: recognition and measurement.

The financial information included in this News Release does not constitute statutory accounts of the Group for the Year ended 30 June 2025 or the Year ended 30 June 2024 but is derived from those accounts. Statutory accounts for the Year ended 30 June 2024 have been reported on by the Group's auditor and delivered to the Registrar of Companies. Statutory accounts for the Year ended 30 June 2025 have been audited and will be delivered to the Registrar of Companies. The report of the auditors for both years was (i) unqualified and (ii) did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.

Copies of the Annual Report will be sent on 21 October 2025 to shareholders and will also be available on our website at www.fiskeplc.com

New and revised IFRSs in issue but not yet effective

A number of amendments to existing standards have also been effective for periods beginning on or after 1 January 2024 but they do not have a material effect on the Group financial statements. There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. The following amendments are effective for future periods:

The Group do not expect these amendments to have a significant impact on the financial statements.

There were no new standards adopted in the current financial year

Total revenue and segmental analysis

IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by management to allocate resources to the segments and to assess their performance. Following the acquisition of Fieldings Investment Management Limited in August 2017, their staff and operations have been integrated into the management team of Fiske plc. Pursuant to this, the Group continues to identify a single reportable segment, being UK-based financial intermediation. Within this single reportable segment, total revenue comprises:

Substantially all revenue in the current period and prior year is generated in the UK and derives solely from the provision of financial intermediation.

Tax

Analysis of tax on ordinary activities:

Factors affecting the tax charge for the year

The deferred tax liability has been calculated using the expected on-going corporation tax rate of 25% (2024: 25%).

Earnings per share

Basic earnings per share has been calculated by dividing the profit on ordinary activities after taxation by the weighted average number of shares in issue during the year. Diluted earnings per share is basic earnings per share adjusted for the effect of conversion into fully paid shares of the weighted average number of share options during the year.

The amortisation charge arises from a prudent assessment that the intangible assets have a useful economic life.

Goodwill arising through business combinations is allocated to individual cash-generating units ('CGUs') being acquired subsidiaries, reflecting the lowest level at which the Group monitors and test goodwill for impairment purposes. The CGUs to which goodwill has been attributed relate to long past acquisitions of Ionian Group Limited and Vor Financial Strategy Limited and this has now been fully written down.

Right-of-use assets

Property

The Company occupies office premises at 100 Wood Street on a lease initially to 21 February 2025 and now extended to 28 February 2027. The Group has used the following practical expedients when applying IFRS16 to leases previously classified as operating leases under IAS17.

• Applied a single discount rate to a portfolio of leases with similar characteristics;
• Excluded initial direct costs from measuring the right-of-use asset at the date of initial application;
• Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease.
• Other intangible assets

Systems licence

• Investments held at Fair Value Through Other Comprehensive Income

The investments included above are represented by holdings of equity securities. These shares are not held for trading.

Trade and other receivables

Trade receivables

Included in the Group's trade receivables are debtors with a carrying amount of £nil (2024: £nil) which are past due at the reporting date for which the Group has not provided.

Counterparty receivables

Included in the Group's counterparty receivables balance are debtors with a carrying amount of £1,365,000 (2024: £208,000) which are past due but not considered impaired.

Ageing of counterparty receivables:

Following the introduction of new Consumer Duty standards, the company has been working with specialist advisers, in conjunction with the FCA, to review the manner in which the firm delivers outcomes for customers and in particular, to improve the level of detail in the firm's documentation. The costs of such works are being absorbed into the firm's operating expenses with some anticipated costs being included in sundry creditors and accruals.

Lease liabilities

†The lease liability is retired over time by the contrasting interest expense and lease payments.

Deferred taxation

Deferred tax assets and liabilities are recognised at a rate which is substantively enacted at the balance sheet date. The rate to be taken in this case is 25%, being the anticipated rate of taxation applicable to the Group and Company in the following year.

Called up share capital

Included within the allotted and fully paid share capital were 9,490 ordinary shares of 25p each (2024: 9,490 ordinary shares of 25p each) held for the benefit of employees.

As of 30 June 2025, there were no outstanding options to subscribe for ordinary shares, as all 125,000 options outstanding as of 30 June 2024 with a weighted average exercise price of 70p expired on 31 December 2024. Ordinary shares are entitled to all distributions of capital and income.

Contingent liabilities

In the ordinary course of business, the Company has given letters of indemnity in respect of lost certified stock transfers and share certificates. The contingent liability arising thereon is not probable or reliably measurable and therefore it is not believed that any material liability will arise under these indemnities.

In addition, the firm believes that some redress may be appropriate for a small number of customers where our processes may have resulted in customers experiencing poorer outcomes than they may have expected. If it is determined that this has occurred, then suitable compensation will be offered. At this stage the amount of possible compensation cannot be reliably measured and accordingly no provision has been made in the financial results for the year to 30 June 2025.

Financial commitments

Lease - classified as an IFRS 16 lease

At 30 June 2025 the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows:

In September 2021 the Company entered into a lease over our premises at Wood Street for a period of some 3 years to 21 February 2025 and this has now been extended to 28 February 2027.

Clients' money

At 30 June 2025 amounts held by the Company on behalf of clients in accordance with the Client Money Rules of the Financial Conduct Authority amounted to £52,436,614 (2024: £42,002,035). The Company has no beneficial interest in these amounts and accordingly they are not included in the consolidated statement of financial position.